事件：公司发 布2024 年年报，实现营业收入122.76 亿元（+6.39%），归属于上市公司股东的净利润为 17.93 亿元（+12.01%），归属于上市公司股东的扣除非经常性损益的净利润为11.08 亿元 （-26.82%），Non-IFRSs 经调整归母净利润16.07 亿元（-15.6%）。 盈利预测和估值。根据公司2024 年经营情况，我们对盈利预测进行调整，预计2025 年至2027 年公司营 业收入分别为137.06 亿元、154.11 亿元和171.82 亿元，同比增速分别为+11.7%、+12.4%和+11.5%；归 母净利润分别为17.14 亿元、20.84 亿元和24.83 亿元，同比增速分别为-4.4%、+21.6%和+19.1%，以3 月 31 日收盘价计算，对应PE 分别为27.9 倍、23.0 倍和19.3 倍，维持 "买入"评级。 风险提示：地缘政治因素导致公司海外业务经营出现波动；全球生物医药行业投融资持续低迷。 盈利能力有望逐步提升，经营质量持续改善。分季度看，2024 年Q1-Q4各季度Non-IFRSs 净利率分别为 12.7%、12.0%、13.0%和14.4%，呈 ...

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 0[4Table_StockInfo 月 01日收盘价（元）] | 28.56 | | --- | --- | | 52 周股价波动（元） | 17.70-36.42 | | 总股本/流通 A 股（百万股） | 1778/1419 | | 总市值/流通市值（百万元） | 50785/40538 | | 相关研究 | | [Table_ReportInfo] 《康龙化成 2023 年报点评：全年收入利润保 持增长态势，看好一体化 CXO 龙头长期稳健 发展》2024.04.01 市场表现 [Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 康龙化成（300759）公司年报点评 2025 年 04 月 01 日 [Table_QuoteInfo] -16.76% 2.24% 21.24% 40.24% 59.24% 78.24% 2024/4 2024/7 2024/10 2025/1 康龙化成 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | - ...

民生证券认为，中国本土医药创新逐渐进入收获期，国际化进程持续加速，继续重点看好医药创新主线，同时医药板块基本面持续向上复苏，同时看好医药 消费主线。 截至2025年4月1日 10:13，国证生物医药指数(399441)强势上涨4.51%，成分股荣昌生物(688331)上涨12.12%，康龙化成(300759)上涨7.80%，泰格医药 (300347)上涨7.42%，昭衍新药(603127)，百克生物(688276)等个股跟涨。生物药ETF(159839)上涨4.41%，最新价报0.36元，盘中成交额已达2151.28万元，换 手率3.71%。 数据显示，杠杆资金持续布局中。生物药ETF最新融资买入额达100.25万元，最新融资余额达977.29万元。 创新药：联邦制药GLP-1/GIP/GCG三靶药物授权诺和诺德，恒瑞医药Lp(a)口服小分子授权MSD，看好国产创新药BD出海方向，建议继续关注具有BD出海 潜力的标的。CXO：国内需求逐步回暖，海外需求平稳向上，海内外产业共振，看好板块龙头企业逐季度订单和报表的持续兑现带来的估值修复。医药上 游供应链：海内外制药需求逐步回暖，伴随2025年生命科学产业链的收并 ...

事件：公司发布 2024年年报，2024年全年公司实现营业收入122.8亿元，同比增长6.4%；实现归母净利 润17.9 亿元，同比增长12.0%；实现经调整Non-IFRS 归母净利润16.1 亿元，同比下降15.6%。2024Q4单 季度实现营业收入34.6 亿元，同比增长16.1%；实现经调整Non-IFRS 归母净利润5.0 亿元，同比增长 1.7%。 公司业绩逐季度回升。分季度来看，随行业景气度与海外市场需求的复苏，公司2024 年Q1 至Q4 分别 实现营业收入26.7/29.3/32.1/34.6 亿元，分别同比-2.0%/+0.6%/+10.0%/+16.1%，Q2 至Q4 分别环比 +9.8%/+9.5%/+7.6%；Q1至Q4 分别实现经调整Non-IFRS 净利润3.4/3.5/4.2/5.0 亿元，分别同 比-22.7%/-28.8%/-13.2%/+1.7%，Q2 至Q4 分别环比+3.7%/+18.7%/+19.7%。 2024 年公司收入与利润逐季度回暖。公司全年及前三季度经调整Non-IFRS 净利润同比下滑是2023年末 新增贷款、宁波新产能投产等扰动因素综合影响所致。 实验 ...

医药生物/医疗服务 康龙化成（300759.SZ） 收入同比增速逐季加快，新签订单稳健增长 2025 年 03 月 30 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(元) | 27.16 | | 一年最高最低(元) | 36.42/17.70 | | 总市值(亿元) | 482.96 | | 流通市值(亿元) | 385.40 | | 总股本(亿股) | 17.78 | | 流通股本(亿股) | 14.19 | | 近 3 个月换手率(%) | 88.82 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 康龙化成 沪深300 相关研究报告 《新签订单稳健增长，连续三个季度 实现温和复苏—公司信息更新报告》 -2024.11.1 《收入端环比改善，新签订单持续稳 健增长 — 公 司 信 息 更 新 报 告 》 -2024.8.30 《需求逐步恢复，2024H1 新签订单稳 健 增 长 — 公 司 信 息 更 新 报 告 》 -2024.7.22 余汝意（分析师） 汪晋（联系人） ...

医药生物/医疗服务 康龙化成（300759.SZ） 收入同比增速逐季加快，新签订单稳健增长 2025 年 03 月 30 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(元) | 27.16 | | 一年最高最低(元) | 36.42/17.70 | | 总市值(亿元) | 482.96 | | 流通市值(亿元) | 385.40 | | 总股本(亿股) | 17.78 | | 流通股本(亿股) | 14.19 | | 近 3 个月换手率(%) | 88.82 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 康龙化成 沪深300 相关研究报告 《新签订单稳健增长，连续三个季度 实现温和复苏—公司信息更新报告》 -2024.11.1 《收入端环比改善，新签订单持续稳 健增长 — 公 司 信 息 更 新 报 告 》 -2024.8.30 《需求逐步恢复，2024H1 新签订单稳 健 增 长 — 公 司 信 息 更 新 报 告 》 -2024.7.22 临床研究服务进入高质量发展阶段， ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved a revenue of 12.28 billion yuan in 2024, representing a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.79 billion yuan, up 12.0% year-on-year [1]. - The CMC segment showed significant quarterly growth, with new orders accelerating, indicating a strong market position and future revenue potential [7]. - The company is expected to see a revenue growth of 10-15% in 2025, with projected revenues of 13.74 billion yuan, 15.55 billion yuan, and 17.87 billion yuan for 2025, 2026, and 2027 respectively [7][8]. Financial Performance Summary - In 2024, the company reported a total revenue of 12.28 billion yuan, with a gross margin of 44.4%, reflecting a slight increase of 0.4 percentage points year-on-year [7]. - The CMC segment generated revenue of 2.99 billion yuan in 2024, with a year-on-year growth of 10.2% and a gross margin improvement from 27.3% in Q1 to 38.4% in Q4 [7]. - Clinical research services faced short-term profitability pressure, but are expected to stabilize in 2025, with a revenue of 1.83 billion yuan in 2024, up 5.1% year-on-year [7]. - The company’s adjusted net profit for 2024 was 1.61 billion yuan, down 15.6% year-on-year, with expectations of recovery in subsequent years [1][8]. Market Position and Growth Potential - The company has seen a record high in overseas client visits and a significant increase in new orders, with a year-on-year growth of over 20% in new contracts [7]. - The report highlights the company's core competitiveness as a leading global CRO service provider, with a strong outlook for continued growth in the CMC business [7].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's performance in 2024 met market expectations, with a revenue of 12.276 billion yuan, a year-on-year increase of 6.39%, and a net profit attributable to shareholders of 1.793 billion yuan, a year-on-year increase of 12.01% [1][2] - The company has seen a significant increase in new orders, with new order amounts growing over 20% year-on-year, indicating a strong foundation for future performance growth [2][3] - The company is expected to benefit from a global economic recovery, with adjusted revenue forecasts for 2025-2027 reflecting an upward trend in performance [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 12.276 billion yuan, with a year-on-year growth of 6.4% and a net profit of 1.793 billion yuan, reflecting a 12.0% increase [8] - The adjusted net profit for 2024 is projected to be 1.607 billion yuan, a decrease of 15.6% compared to the previous year [2] - The company’s Q4 2024 revenue reached 3.458 billion yuan, marking a 16.1% year-on-year increase [2] Order Growth - The company reported a record high in overseas customer visits in 2024, with new orders showing an accelerating trend [2] - New orders for laboratory services and CMC services grew by 12%+ and 32%+ respectively in the first three quarters of 2024 [6] Future Outlook - The company has provided a revenue guidance of 10%-15% growth for 2025, supported by the rapid increase in orders and ongoing cost reduction efforts [2] - Revenue forecasts for 2025-2027 have been adjusted to 14.016 billion yuan, 16.405 billion yuan, and 19.454 billion yuan respectively, with corresponding EPS estimates of 1.00 yuan, 1.24 yuan, and 1.56 yuan [3][8]

Group 1: Financial Performance Overview - Revenue for 2024 reached 12.276 billion CNY, a year-on-year increase of 6.4% [13] - Net profit attributable to shareholders was 1.793 billion CNY, up 12.0% year-on-year [13] - Non-IFRS adjusted net profit was 1.607 billion CNY, a decrease of 15.6% compared to the previous year [13] Group 2: Revenue Composition - Revenue from China delivery business accounted for 87%, while overseas delivery business made up 13% [16] - Laboratory services contributed 57% to total revenue, with small molecule CDMO at 24% and clinical research services at 15% [16] - Revenue from North American clients grew by 6.1%, while European clients saw a 23.2% increase; however, revenue from Chinese clients declined by 6.5% [17] Group 3: Client and Project Highlights - The top 20 pharmaceutical companies contributed to a revenue growth of 26.9% [19] - The company participated in 781 drug discovery projects, with 1,062 ongoing clinical research services [30][33] - New signed orders increased by over 20% year-on-year, indicating a positive trend in the biopharmaceutical industry [13] Group 4: Future Outlook and Strategy - The company aims for a revenue growth of 10-15% by 2025 [46] - It will continue to focus on a "full-process, integrated, international, and multi-therapy" strategy to enhance R&D and production efficiency [46] - The company is committed to sustainable development, achieving an AA rating in MSCI ESG ratings for 2024 [22]

Group 1: Financial Performance - The company achieved a revenue of 12.276 billion yuan in 2024, representing a year-on-year growth of 6.4% [2] - In the second half of 2024, the company recorded a revenue of 6.671 billion yuan, with a year-on-year increase of 13.1% [2] - The net profit attributable to shareholders for 2024 was 1.793 billion yuan, reflecting a year-on-year growth of 12% [2] - Adjusted net profit for the same period was 1.607 billion yuan, showing a decline of 15.6% [2] Group 2: Customer and Market Dynamics - The company added over 900 new clients in 2024, increasing the total active clients to over 3,000, indicating strong customer retention and service platform effectiveness [3] - The company served the largest 20 pharmaceutical enterprises globally during the reporting period [3] - New order amounts from overseas clients grew by over 20% year-on-year [2] Group 3: Operational Highlights - The company operates 21 research and development centers and production bases across multiple countries, including the UK and the USA [3] - The workforce includes 21,370 employees globally, with over 1,700 based overseas, and approximately 90% engaged in R&D, production, and clinical services [3] - The company participated in 781 global new drug discovery projects, an increase from 2023 [3] Group 4: Business Segment Performance - Laboratory services generated revenue of 7.047 billion yuan, up 5.8% year-on-year, with a gross margin of 44.4% [5] - CMC (small molecule CDMO) services achieved revenue of 2.989 billion yuan, reflecting a growth of 10.2%, but with a slight decrease in gross margin to 33.1% [5] - Clinical research services reported revenue of 1.826 billion yuan, a 5.1% increase [5] - Revenue from large molecule and cell & gene therapy services was 408 million yuan, down 4.1% year-on-year [5] Group 5: Future Outlook and Investments - The company plans a capital expenditure (CAPEX) of approximately 2 billion yuan in 2025, primarily for expanding laboratory services and small molecule CDMO capabilities [7] - The second phase of capacity construction in Shaoxing will feature larger reaction vessels and is expected to be partially operational by the end of the year [6]